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Consumer stocks were lower late Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.4% and the Consumer Discretionary Select Sector SPDR Fund (XLY) easing 0.2%.
In corporate news, General Motors said its electric vehicle customers will be able to access Tesla's Supercharger network using a specific GM-approved adapter. GM shares rose 2%, and Tesla added 0.3%.
GameStop shares fell 2.6%. The Federal Trade Commission said the company's Chief Executive Ryan Cohen agreed to pay a $985,320 civil penalty to settle charges of federal disclosure rules following his 2018 purchase of Wells Fargo (WFC) stock.
Mullen Automotive M shares plunged nearly 23%. The company said Wednesday that its unit Bollinger Motors priced the 2025 Bollinger B4 Chassis Cab at $158,758.
VF shares jumped 4% after Barclays upgraded the company's stock to overweight from equalweight.
Tesla Inc. shares are trading higher Wednesday likely due to the broader market reaction to the Federal Reserve’s recent policy decision to cut interest rates by 50 basis points, marking the first rate cut in over four years.
Federal Reserve Update
The cutting of the federal funds rate to a range of 4.75%–5% has resonated across multiple different markets. Specifically:
The Fed’s statement provided a glimpse into their projections, indicating lowered estimates for economic growth and inflation while projecting higher unemployment rates for the coming years. The Dot Plot suggests further cuts in interest rates are likely, with anticipated reductions of another 100 basis points by the end of 2024.
Updates on Tesla's Cybertruck
Recent guidance and legal actions involving Tesla's Cybertruck have also been in the spotlight:
TSLA Price Action: Tesla shares were up by 1.33% at $230.89 according to Benzinga Pro.
See Also:
Image via Shutterstock.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Consumer stocks were mixed late Wednesday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) easing 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) increasing 0.3%.
In corporate news, General Motors said its electric vehicle customers will be able to access Tesla's Supercharger network using a specific GM-approved adapter. GM shares rose 3% and Tesla added 1%.
Markets are bouncing Wednesday afternoon following the Federal Reserve’s decision to cut rates by 0.5%, marking the beginning of the central bank’s highly anticipated cutting cycle.
What To Know: Wednesday’s 0.5% rate cut brings the target fed funds rate to a new range between 4.75% and 5%, down from a 23-year high of 5.25% to 5.5%. It’s also the first rate cut since March 2020.
The fed funds rate has been sitting at a range between 5.25% and 5.5% since the central bank last hiked in July 2023.
The SPDR S&P 500 , which tracks the S&P 500 index, was up 0.39% at last check, led higher by a variety of names like Arm Holdings Plc , The Trade Desk Inc Toyota Motor Corp , General Motors Co and Marriott International .
The materials sector, as tracked by the Materials Select Sector SPDR Fund , was showing the most strength at the time of writing, climbing approximately 0.6% following the Fed decision. The energy sector, tracked by the Energy Select Sector SPDR Fund , was the weakest, down 0.3% following the rate cut. Energy stocks had performed well on Wednesday ahead of the Fed decision, which may explain some of the relative weakness in afternoon trading.
Here’s a look at how various ETFs tracking the price-weighted Dow Jones Industrial Average, tech stocks, small caps, treasuries and gold are faring following the Fed’s latest move.
It’s also worth noting that crypto markets are volatile following the Fed decision on rates. Bitcoin was down 0.86% over a 24-hour period, trading at $60,480, but well off its lows for the day, and Ethereum was down 1.79% at $2,322.
Check This Out: Federal Reserve Delivers Bold 0.5% Rate Cut, Signals Further Easing Ahead
The increased volatility is likely a result of uncertainty heading into the meeting. According to CME’s FedWatch tool, the market was projecting a 61% chance of a larger 0.5% rate cut heading into the meeting versus a 39% chance of a smaller 0.25% cut.
As reported by Benzinga, the updated quarterly Dot Plot, which helps signal the Fed’s future policy intentions, indicates a more aggressive path for rate cuts than previously projected following Wednesday’s 0.5% cut. The median projection now calls for a total of 1% in rate cuts in 2024.
SPY Price Action: At the time of publication, the SPDR S&P 500 was up 0.39%, trading at $565.30, according to Benzinga Pro.
Read Next:
Watch Fed Chair Jerome Powell‘s press conference here:
This illustration was generated using artificial intelligence via Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Kim Kardashian is among the celebrities who own a Cybertruck, the electric pickup truck from Tesla Inc that began deliveries in November 2023.
While some celebrities have used custom wraps for their Cybertrucks, Kardashian recently had her vehicle painted.
What Happened: The Cybertruck is delivered as a paintless vehicle due to its unique stainless steel exterior, something that Tesla CEO Elon Musk has praised as part of the design.
"I specifically wanted to make something that looks like the future. What car would Blade Runner drive?" Musk previously said.
Musk has often spoken about the unique design and stainless steel frame, but doesn't seem to be opposed to customization by owners with various wraps.
One question will be how Musk feels about Kardashian having her Cybertruck painted.
Platinum Motorsport Group, a California custom vehicle tuner, highlighted the Cybertruck on Instagram, as reported by Electrek.
"Yes, it's a satin metallic silver. We have came up with a special formula for her and all her vehicles are painted that color. There are similar wraps, but not quite this," Platinum Motorsport told a user who asked if the vehicle had a wrap.
What's unknown is if the vehicle in the images shared by Platinum is a Cybertruck previously owned by Kardashian, or if she got a new one. Kardashian previously showed off her Cybertruck in February with a caption of "cool carpool mom."
Musk may approve of the futuristic looking silver color and Platinum's caption of "outta space type of sh%."
Kardashian has previously shown off her collection of high-end vehicles, all painted the same custom color on her social media accounts.
The images shared by Platinum of the Cybertruck show the body, trims and bumpers all painted the custom silver color. As Electrek notes, several of these painted items are black. Another change to Kardashian's Cybertruck is the 26" Forgiato Travis Scott forged wheels, which replace the base 20" wheels.
Did You Know?
Why It's Important: The Cybertruck has attracted plenty of celebrities as owners, a point that Musk has often celebrated.
Among the owners of Cybertruck are Big Sean, Steve Aoki, Alexis Ohanian, Jay-Z, Beyonce, Lady Gaga, Pharrell Williams, Justin Bieber and Jay Leno.
The Cybertruck has been used in music videos and was recently featured in a beer advertisement from former NFL player Jason Kelce.
Jay-Z and Beyonce have a black matte wrap on their Cybertruck, which earned the one-word response of "nice" from Musk on social media.
Musk likely doesn't care whether celebrities get wraps or paint their Cybertrucks, what he does care about is the electric pickup truck being a top seller in the sector and among vehicles in its price range.
Read Next:
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The S&P 500 Index today is up +0.10%, the Dow Jones Industrials Index is up +0.03%, and the Nasdaq 100 Index is up by +0.25%.
Stocks today have erased knee-jerk gains after the initial 2:00 PM Eastern announcement and are trading close to the flat line again after the FOMC opted to cut interest rates by 50 basis points. The markets will now look to today’s post-meeting comments from Fed Chair Powell to see why policymakers bypassed a more typical -25 bps cut in the fed funds target range and opted for a larger -50 bps rate cut instead. Also, fresh quarterly projections in the form of the Fed’s “dot plot” will offer further insight into the path of interest rates and the economy.
Today’s reports showed that US housing starts and building permits for August were better than expected, bolstering the prospects for a soft landing and supporting stocks. US MBA mortgage applications rose +14.2% in the week ended September 13, with the purchase mortgage sub-index rising +5.4% and the refinancing mortgage sub-index rising +24.2%. The average 30-year fixed rate mortgage fell -14 bp to a 2-year low of 6.15% from 6.29% in the prior week.
US Aug housing starts rose +9.6% m/m to a 4-month high of 1.356 million, stronger than expectations of 1.318 million. Aug building permits, a proxy for future construction, rose +4.9% m/m to a 5-month high of 1.475 million, stronger than expectations of 1.410 million.
Hawkish comments earlier today from former St. Louis Fed President Bullard weighed on bonds and stocks when he said the Fed should cut interest rates by -25 bp today as the case for a -50 bp rate cut is "overblown."
The markets are discounting the chances at 100% for a -25 bp rate cut at the conclusion of today’s FOMC meeting and at 64% for a -50 bp rate cut at that meeting.
Overseas stock markets today are mixed. The Euro Stoxx 50 is down -0.36%. China's Shanghai Composite recovered from a 7-1/4 month low and closed up +0.49%. Japan's Nikkei Stock 225 closed up +0.49%.
Interest Rates
December 10-year T-notes (ZNZ24) today are down -11 ticks. The 10-year T-note yield is up +4.7 bp at 3.693%. Dec T-notes today are moderately lower on negative carryover from a slide in European government bonds to 1-week lows. T-notes also fell on today’s stronger-than-expected US Aug housing starts and building permits reports. In addition, rising inflation expectations are bearish for T-notes after the 10-year breakeven inflation rate today rose to a 2-week high of 2.133%.
European government bond yields today are moving higher. The 10-year German bund yield climbed to a 1-week high of 2.195% and is up +4.9 bp at 2.192%. The 10-year UK gilt yield rose to a 1-week high of 3.854% and is up +8.5 bp at 3.852%.
ECB Governing Council member Villeroy de Galhau said, "The ECB has cut interest rates twice and should continue to cut them," as victory over inflation is "within sight."
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 32% for the October 17 meeting.
US Stock Movers
Super Micro Computer is up more than +2% after Needham & Co. initiated coverage on the stock with a recommendation of buy with a price target of $600.
VF Corp is up more than +3% after Barclays upgraded the stock to overweight from equal weight with a price target of $22.
Victoria’s Secret & Co is up more than +3% after Barclays upgraded the stock to equal weight from underweight.
GE Healthcare is up more than +2% after BTIG upgraded the stock to buy from neutral with a price target of $100.
United States Steel is up more than +1% after a US security panel granted Nippon Steel permission to refile its plans to purchase the company for $14.1 billion.
Extra Space Storage is up more than +1% after Jeffries upgraded the stock to buy from hold with a price target of $204.
ResMed is down more than -4% to lead losers in the S&P 500 after Wolfe Research downgraded the stock to underperform from peer perform with a price target of $180.
Cencora is down more than -2% after Bank of America Global Research downgraded the stock to neutral from buy.
DaVita is down more than -1% on signs of insider selling after an SEC filing showed CEO Rodriguez sold $9.86 million of shares on Monday.
Workday is down more than -1% to lead losers in the Nasdaq 100 after Needham & Co. cut their price target on the stock to $300 from $350.
Hilton Grand Vacations is down more than -2% after Goldman Sachs initiated coverage on the stock with a sell recommendation and a price target of $31.
Incyte Corp is down more than -1% after Truist Securities downgraded the stock to hold from buy.
Earnings Reports (9/18/2024)
Ennis Inc (EBF), General Mills Inc (GIS), Steelcase Inc (SCS).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
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